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Taichung mayor urges economic diversification
Discover the latest on China’s suspension of tariff concessions on certain products under the ECFA starting June 15, and Taichung Mayor Lu Shiow-yen’s response to the economic fallout.2024/06/03 17:37 -
Taiwan’s petrochemical industry unfazed by ECFA termination
The termination of the Economic Cooperation Framework Agreement (ECFA) has raised concerns about its impact on Taiwan’s petrochemical industry. However, corporate entities in Taiwan have stated that the impact has been limited. This is due to Taiwan’s efforts to reduce its dependency on China for exports, as China increases its domestic supply of petrochemical products. Taiwanese firms are expanding into other export markets and focusing on enhancing the competitiveness of their high-value products. The move is a response to China’s accusations of discriminatory bans and restrictive measures on Chinese products, which China’s Customs Tariff Commission of the State Council sees as violating the ECFA. The ECFA’s "Early Harvest List" included 88 tax reductions on Taiwan’s petrochemical industry by China. With the suspension of tariff privileges, these corporations anticipate that the tax rate on associated products could rise from the current 0% to between 2% and 10%.2023/12/22 18:10